Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Pension - Social Security
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Upload your resume securely at https://www.dwsimpson.com
to be contacted when new jobs meet your skills and objectives.


Reply
 
Thread Tools Search this Thread Display Modes
  #61  
Old 10-05-2014, 08:43 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

TRUMP ENTERTAINMENT

http://www.sltrib.com/sltrib/money/5...nment.html.csp

Quote:
Wilmington, Del. • A Delaware bankruptcy judge is weighing a request by Trump Entertainment Resorts to get out of its pension obligations under a collective bargaining agreement with union workers at the Taj Mahal casino in Atlantic City, New Jersey.

.....
Trump Entertainment sought bankruptcy protection last month, struggling with cash-flow problems amid competition from new casinos in neighboring states. It has threatened to close the Taj Mahal and lay off almost 3,000 workers in mid-November if it can’t win concessions from union workers.

Billionaire Carl Icahn, the company’s senior secured lender, has tentatively agreed to Trump Entertainment’s request to convert his $288 million secured debt into a 100 percent ownership stake in a reorganized company and to inject $100 million in equity to keep the company going.

But his offer is contingent on the company obtaining significant concessions from the union and steep tax breaks from local and state officials in New Jersey.

Gross had scheduled an Oct. 14 hearing on Trump Entertainment’s request for permission to terminate the collective bargaining agreement as part of an effort to reorganize and avoid closing the Taj Mahal, which could become the fifth Atlantic City casino to shut its doors this year.

But after unsuccessful attempts to persuade the union to accept concessions, including replacing the pension plan with a 401(k) plan, Trump attorneys asked the judge this week to rule separately and quickly on the pension liability.

Company representatives say they are burning through the little operating cash they have and can’t afford to continue pension contributions of $300,000 a month.

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #62  
Old 10-12-2014, 07:38 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

http://blogs.wsj.com/cfo/2014/10/07/...s-cause-pinch/

Quote:
Motorola Solutions Inc. and Bristol-Myers Squibb Co.BMY +1.58% are the latest companies to cast off billions in pension burdens, fueling a trend that could weaken the government’s ability to protect the payouts other employers have promised millions of retired workers.

The two companies recently disclosed separate deals that will shift a combined $4.5 billion in pension obligations to insurer Prudential Financial Inc., which will take over paying benefits to 38,000 retirees.

The deals are good for the two companies’ balance sheets. What’s more, joining the dozens of companies that have shed their pension plans lets Motorola and Bristol-Myers stop paying millions in yearly fees to the Pension Benefit Guaranty Corp., the government pension insurer.

The problem: the growing number of these pension dropouts threatens the agency’s resources for insuring the plans of those that remain in the system.

“This has identified a fundamental flaw with the pension system,” said Brad Belt, a former executive director of the PBGC. “Inevitably, there’s going to be a taxpayer bailout [of the PBGC] in the future.”

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #63  
Old 10-29-2014, 03:35 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

http://www.corpcounsel.com/home/id=1...n-ERISA-Update

Quote:
NY Times Hires Lobbyist to Advocate on ERISA Update

The New York Times Co. has hired a federal lobbyist for the first time in at least 15 years, putting a spotlight on the media company's interest in legislation to update the Employee Retirement Income Security Act.

Keightley & Ashner partner Harold Ashner in Washington, D.C., is advocating for The New York Times on the bill's provisions concerning ERISA Section 4062(e), according to lobbying registration paperwork filed Friday. Quarterly lobbying activity reports also submitted on Friday (here and here) say Ashner lobbied the U.S. House of Representatives, the Senate and the U.S. Department of Commerce on the measure, but don't provide any additional details on his advocacy. The Times so far has paid him $20,000, the only money the company has given to a federal lobbyist since at least 1999, congressional records show.

Ashner, who was once a Pension Benefit Guaranty Corp. assistant general counsel, didn't have an immediate comment.

.....
The PBGC expressed concern about whether The New York Times was liable under Section 4062(e) after its sale last year of The Boston Globe, according to paperwork the company filed with the U.S. Securities and Exchange Commission. The agency in June decided that Section 4062(e) didn't apply to The Times in that transaction. But the company noted that the PBGC is reevaluating its enforcement under the section.


__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #64  
Old 11-02-2014, 02:29 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

NEW YORK TIMES

the piece is more about the NYT's problem in being profitable, but I thought this was good for this thread:
http://www.forbes.com/sites/francine...-york-times/3/

Quote:
Pension Obligations Are Forever And Not Shrinking

There is no good news about pension expense and ongoing retirement-related liabilities. The company estimates new mortality tables will likely drive $150 million more in pension and post-retirement liabilities and $10 million more in annual pension and post-retirement expense. Total retirement-related costs are expected to increase more than 100% in 2014 compared to 2013 to $37 million. Higher overall pension funding costs in future periods are definitely on the way, given that the plans are underfunded.

Asset sales, like the sale of the New England Media Group last year, give the company a one time cash boost, but the $70 million in sale proceeds cost the Times $27.5 million when it was forced to record its loss on the original investment and out-of pocket tax and pension costs. The company’s pension obligations to those employees continue.

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #65  
Old 11-03-2014, 06:01 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

U.S.

on the new SOA mortality tables

http://online.wsj.com/articles/risin...nds-1414430683

Quote:
New mortality estimates released Monday by the nonprofit Society of Actuaries show the average 65-year-old U.S. woman is expected to live 88.8 years, up from 86.4 in 2000. Men age 65 are expected to live 86.6 years, up from 84.6 in 2000.
.....
The estimates also are expected to accelerate a shift away from defined-benefit pension plans that offer guaranteed payouts, said Rick Jones, senior partner at consultant Aon Hewitt.

More companies are moving workers into defined-contribution plans, such as a 401(k), where employees are largely responsible for saving and investment choices.

The new estimates released Monday—based on data from corporate pension plans—could eventually increase retirement liabilities by roughly 7% for most corporate plans, according to Aon Hewitt.

The Society of Actuaries predicts the increases could range from 4% to 8%.

Corporations have roughly $3 trillion in current retirement liabilities.
http://time.com/money/3542409/pensio...nding-abolish/

Quote:
With more workers likely to reach age 90, employers will have to step up their pension funding. Or, more likely, hand you a lump sum instead.

.....
According to the revised tables, which measure the longevity of those who hold pensions or buy annuities, a man at 65 can expect to live to 86.6—up from 84.6 in 2000. A woman at 65 can expect to live to 88.8—up from 86.4 in 2000. In another 15 years the typical 65-year-old will be expected to reach 90. And these are not necessarily years of old age; for many, most of these extra years will be lived in relatively good health.

.....
What is good news for humanity, though, sends tremors through the pension world. Every few extra years of life expectancy come with a price tag. Already, many private and public pension funds are woefully underfunded—and the new tables essentially mean they are even further behind. Aon Hewitt, a benefits consultant, estimates that the new figures add about 7 percentage points to the amount a typical corporate pension must set aside.

So a typical pension that has only 85% of the funds it needs based on the old mortality rates now has only 78% of what it needs based on the new rates. This will almost certainly lead to a further erosion of individuals’ financial safety nets as pension managers try to figure out how to fill the holes. Already the majority of large companies have frozen or changed their pension plans in order to reduce their financial risk, while shifting workers to 401(k)s. Look for more employers to abolish their traditional pensions and to offer workers a lump sum settlement rather than remain on the hook for unknown years of providing guaranteed income.

“As individuals receive lump sum offers, they need to understand that their life expectancy is now longer,” says Rick Jones, senior partner at Aon Hewitt. “They need to be able to make the money last.”

Companies probably will have until 2017 before regulators require them to account for the new mortality rates, Jones says. That means, all things being equal, lump sum payments will be higher in a few years. For those on the verge of taking their benefits, it might make sense to wait. Public pensions, which generally are in worse shape than private pensions, will have to account for longer lives as well, though they are not subject to the same regulations and the adjustments will come slower.

....Just the whole way life expectancy, survival rates, etc. are written about in that second article makes me . I mean, ugh.

No, their life expectancy isn't just =now= longer. It's been getting longer for the general working population for years....and so forth.

Blah
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #66  
Old 11-03-2014, 06:24 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

CNA

http://www.chicagobusiness.com/artic...oreUserAgent=1

Quote:
(Bloomberg) — CNA Financial Corp., the commercial insurer majority-owned by Loews Corp., offered lump-sum payments to 11,000 former employees to encourage them to give up their pensions.

.....
CNA joins Hartford Financial Services Group Inc. in seeking to limit the risk of swelling pension liabilities, which can climb as life expectancies increase and bond yields are lower than average. Hartford, based in the Connecticut city of the same name, last week said it offered voluntary payments to about 13,500 workers who had left the company.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #67  
Old 11-16-2014, 03:20 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

NEW YORK

http://www.crainsnewyork.com/article...e-pension-pool

Quote:
Public Advocate Letitia James called Wednesday for the creation of a pooled retirement system for private-sector employees who lack pensions.
Noting that nearly 60% of New York City workers lack a pension or 401(k), Ms. James said she would introduce a bill this month to create a seven-member pension advisory board to study the creation of a pooled retirement system for these employees.
"Every New Yorker must have access to a safe and secure pension by 2030," she said in a breakfast speech to the Association for a Better New York, a business advocacy group.
Even workers with pension plans are saving only 54% of the money they will need for retirement, Ms. James said. She cited a 2012 New School study that revealed a significant drop between 2001 and 2011 (to 41% from 49%) in the portion of New York City workers participating in a retirement plan at work. Only 12% of New Yorkers had a defined-benefit plan.
Ms. James's proposal is not new. Currently 16 states are pursuing legislation to expand their pension systems to private-sector workers. Researchers estimate that 75 million workers nationwide lack access to retirement plans. Democrats in Congress have proposed privately-run retirement funds on the national level.
The idea has also been floated by the Central Labor Council and Comptroller Scott Stringer, who helps manage the city's $160 billion, five-fund pension system for public workers. Last June, Mr. Stringer said he would create an advisory panel, to be led by Scott Evans, the recently named chief investment officer for the New York City pension funds, to explore ways to expand retirement plans for private workers. A spokesman for Mr. Stringer said the panel was still a work in progress.
The public advocate said she envisions a system for private employees that provides the generous benefits their counterparts in the public sector receive. But employers would have reason to reject such a plan: Independent analyses have found that the city's payroll costs ballooned to $37.2 billion in fiscal 2012 from $23.5 billion in fiscal 2003, largely because of soaring pension and health care costs.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #68  
Old 11-16-2014, 03:21 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

ITALY

http://www.ipe.com/countries/italy/i...76.fullarticle

Quote:
Italian pension fund associations have attacked shock plans to raise the tax rate for pension fund investment income from its current level of 11.5% to 20%.

The government had already increased the rate from 11% last July, officially as a “temporary” measure, but now intends to hike it up by nearly three-quarters.

And pension funds for professional groups (casse di previdenza) will see their tax rate on investment gains go up from 20% to 26%.

The new plans are included in the Parliamentary Bill for Italy’s 2015 fiscal Budget, the so-called Stability Law.

The draft budgetary decree was agreed by the Cabinet on 15 October, and presented to Parliament on 24 October.

The Bill also includes proposals to include employee severance pay – Trattamento di Fine Rapporto (TFR) – in the individual’s annual income, if part of this is paid to them before they actually leave their jobs.

Last month, prime minister Matteo Renzi announced that workers could choose to receive severance benefits directly each month rather than being held back until the end of their employment.

If they opt to take the cash in this way, it will be taxed at their marginal rate in the year it was received.

Marco Abatecola, general secretary at Assofondipensione, the association of collective negotiation-based pension schemes said: “We are opposed to the tax increase because it will reduce future pensions, and it risks creating instability in the system, alienating workers from pension funds.”

__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #69  
Old 11-16-2014, 03:21 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

MISSISSIPPI

http://blog.gulflive.com/mississippi...top_contr.html

AS PER AK BELOW: not a non-public plan. I've moved this post to public thread
__________________
It's STUMP

LinkedIn Profile

Last edited by campbell; 11-26-2014 at 10:03 AM.. Reason: wrong thread
Reply With Quote
  #70  
Old 11-16-2014, 03:22 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,261
Blog Entries: 6
Default

UNITED KINGDOM

http://www.telegraph.co.uk/finance/p...ked-yours.html

Quote:
There is great irony in the fact that Britain’s most lavish occupational pension scheme is operated by the one institution that bears the blame for wrecking everyone else’s retirement finances.
I’m talking about the Bank of England.
Its staff pension scheme, which would be eye-catchingly generous in any circumstances, stands out as a gross anachronism – an error of judgment, a crass insensitivity – in these post-crisis years when the finances of states and households everywhere are so stretched.
No pension scheme of any comparable organisation (there are 12,500 beneficiaries of the Bank’s scheme, including retired staff) is as sumptuous. For a start, around 1,100 current staff are still building up benefits in a final-salary (or “defined benefit”) type of scheme, where retirement incomes are paid in relation to the member’s leaving wage. And staff don’t pay a jot from their own earnings – the Bank pays every penny.
Final-salary pensions are the most valuable type for workers, but for employers they are the most onerous. Pensions under these schemes are usually pledged to rise in line with inflation. That adds huge costs and risk. As a result, final salary-type pensions have all but died in the private sector.

In the public sector, though, they remain a force. In March this year, as we reported, government statistics showed the likelihood of any employee belonging to a final salary-type scheme was a staggering 10 times higher in the public than the private sector.
Setting aside the rise in longevity, one of the factors most to blame for the death of these generous schemes in the private sector has been the fall in the long-term returns on bonds. And “quantitative easing” – the Bank’s programme of money-printing initiated in 2009 in an attempt to jump-start the economy – is the prime cause.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 05:07 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.27391 seconds with 10 queries